Nigeria requires a capital investment of about 520 billi on naira (about US$ 3.4 billion) every year, to increase current electricity gen e ration capacity of 4,200 megawatts (MW) to 13,000 MW by 2013, local media report s quoted the Special Adviser to the President on Power, Prof. Bart Nnaji, as sayi n g.
Nnaji, also the Chairman of Presidential Task Force on Power (PTOF), made this k nown Thursday in Abuja, the Nigerian capital city, at the Nigeria Energy and Pow e r Summit.
According to the media reports, Nnaji also said the plan was in line with the bl ue print of the power sector reforms, launched by President Goodluck Jonathan o n 26 August.
Nnaji said increasing transmission and distribution from 5,800mw to 9,000mw by 2 012 also required a capital investment worth 200 billion naira (about US$ 1.3 bi l lion) every year.
He noted that, out of a total of 1,854 trillion naira allocated for capital expe nditure in 2010, only 153 billion naira was meant for capital projects in the po w er sector, an amount representing 8.3 percent of the total.
He, however, added that for 2011 fiscal year, the figure had been estimated that out of 1,600 trillion naira, 720 billion naira would go into capital projects i n the power sector, representing 45 percent of the total.
The special adviser lamented that only 40 percent of the nation’s population hav e access to electricity supply.
He also said the growth rate was abysmally low because available investments wen t into replacements of damaged equipment, including transformers, switchgear, am o ngst others, instead of going into new constructions for expansion and upgrades.
